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USD to CAD Morning Update — July 13, 2020

The Canadian dollar is stronger by a modest 0.25% this morning as global risk sentiment improves despite the negative picture emerging from some US states.  The Canadian dollar remains highly correlated to other risk assets.  In fact, USD/CAD has a daily correlation of -95% to the S&P 500 signalling that what is driving the currency pair right now is not local conditions in Canada but overall sentiment about economic recovery and central bank-infused liquidity across the world.  The Loonie has been trading in the 1.350 to 1.360 for most of the last month and is now right in the middle of that range.  We expect to continue to trade range-bound for the near future.


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